The Incoming Recession and $OIL

NSE:OIL dropped significantly in 2008 and 2020 covid crash (even went negative for a short period).

Now NSE:OIL has formed a head and shoulders looking to move towards the neckline to confirm the right shoulder indicating to me lower prices for oil are coming.

NSE:OIL is down 5% today alone despite the news of Saudi Arabia reducing production to prop global oil prices up.

Having access to a cheap reliable abundant energy source is the bedrock of any strong economy in 21st century.

The deflation wave has begun created by the FED Quantitative Tightening Monetary Policies.